minimally maintain margins. And probably more than likely be able to continue to enhance them. So we feel pretty good about the environment and where we are with our rail partners at this point.

and minimally maintain margins and probably more than likely be able to continue to enhance them so we feel pretty good about the environment and where we are with our rail partners at this point


Because of that, there's not a lot of visibility on the figures and on the remuneration because they are not listed on the stock exchange and there is not a lot of publications on the company.

because of that there is not a lot of visibility on the figures and on the remuneration because they are not listed on the stock exchange and there is not a lot of publications on the company


I do think the maturity of the crop, if you look to year-over-year, is further advanced. So there may be some opportunity in terms of when these guys get in the field

i do think the maturity of the crop if you look year-over-year is a further advance so there may be some opportunity in terms of when these guys get in the field


Got it. Last thing, you talked earlier about not being able to pass through some of this aluminum and steel cost, if it should happen. Is there any kind of math that we can think about in terms of sensitivity,

got it last thing you talked earlier about not being able to pass through some of this aluminum and steel cost if it should happen is there any kind of math that we can think about in terms of sensitivity


win rate or continued penetration looks good. So I feel pretty good about -- on that front, the number of net new customers we're adding. We're continuing to look for areas in the future where we can add payments capability to more of the portfolio.

win rate or continued penetration looks good so i feel pretty good about on that front of -- number of net new customers we're adding or continuing to look for areas in the future where we can add payments capability to more of the portfolio


I see this as a really big opportunity for Blackbaud and a really big opportunity for the customer to improve their operations and a lot of operating problems and challenges in the space.

i see this as a really big opportunity for blackbaud and a really big opportunity for the customer to improve their operations there's a lot of operating problems and challenges in the space


We are also focused on making the necessary investments in the business to support our long-term growth objectives and taking steps to put us in the financial position to do so with our recently announced rights offering, which we commenced today.

we are also focused on making the necessary investments in the business to support our long-term growth objectives and taking steps to put us in a financial position to do so with our recently announced rights offering which we commenced today


which flow through to the rest of the income statement. We believe that these inventory controls were the right decision, effectively trading higher COGS for improved cash flows,

which flowed through to the rest of the income statement we believe that these inventory controls were the right decision effectively trading higher cogs for improved cash flows


there's a different return profile per se that would be material between one asset and another. It is about the various different risks that apply to

there's a different return profile per se that would be material between one asset and another it is about the various different risks that apply to


We are moving forward with the retirement of the plants. We have already notified PJM of our intent to retire Quad Cities and will inform MISO in the beginning of December if the legislation does not pass.

we are moving forward with the retirement of the plants we have already notified pjm of our intent to retire quad cities and will inform miso in the beginning of december if the legislation is not passed


There's -- they may not be eligible for syndication for size, structural or other reasons. They may want more flexible lender. And so I think they tend to probably run a little less quickly to refinance.

there's -- they may not be eligible for syndication for size structural or other reasons they may want a more flexible lender and so i think they tend to probably run a little less quickly to refinance


So again, we feel really good about not only our base position, but the expansion opportunities that we have seen this quarter and the ones that we're working on currently and see additional opportunities.

so again we feel really good about not only our base position but the expansion opportunities that we have seen this quarter and the ones that we're working on currently and see additional opportunities


We are working diligently to further develop our services across the commodity chain, including natural gas, natural gas liquids and crude oil, and working to expand our range of midstream services within each commodity.

we are working diligently to further develop our services across the commodity chain including natural gas natural gas liquids and crude oil and working to expand our range of midstream services within each commodity


magnitude of the sales effort in trying to save the Morpheus business and how much of the momentum in the other products came out. Because what we're taking, when we look at our dialysis view and our port view for the second half of the year,

magnitude of the sales effort in trying to save the morpheus business and how much of the momentum in the other products came out because what we're taking when we look at our dialysis view and our port view for the second half of the year


new international concourse at Fort Lauderdale and then the launch of new international flights from Fort Lauderdale, and that included the new destinations on our route network, which was Grand Cayman.

new international concourse at fort lauderdale and then the launch of new international flights from fort lauderdale and that included in new destinations on our route network which was grand cayman


the airplanes safe, but they do that by slowing things down more and more and more. And of course, for air traffic controllers to use the old technology that they're forced to use is very, very cumbersome.

the airplanes safe but they do that by slowing things down more and more and more and of course for air traffic controllers to use the old technology that they're forced to use is very very cumbersome


Second, we're strengthening our consumer communication to be more clear about the value of the Valvoline brand compared to other offerings. Some of this new messaging has begun to roll out and will continue to build through the year.

second we're strengthening our consumer communication to be more clear about the value of the valving brand compared to other offerings some of this new messaging has begun to roll out and will continue to build through the year


This means that whilst all of Gas Distribution is deconsolidated from continuing operations in the current year, we will report a 39% share of profits from the associates in continuing operations next year.

this means that whilst all of gas distribution is deconsolidated from continuing operations in the current year we will report a 39% share of profits from the associates in continuing operations next year


These expectations are highly dependent on market conditions, on the general economic performance of the country, of the industry, and of international market, therefore, they are subject to change.

these expectations are highly dependent on market conditions on the general economic performance of the country of the industry and of international markets therefore they are subject to change


In addition to our focus on working capital management through lean initiatives, our CapEx was significantly reduced with our capacity expansion phase virtually completed in 2016. As a result,

in addition to our focus on working capital management through lean initiatives our capex was significantly reduced with our capacity expansion phase virtually completed in 2016 as a result


in the third? So far what we know and what I also mentioned is we expect still a shutdown of this big customer in the beginning of the fourth quarter. We do not know whether they'd start and come back

so far what we know and what i also mentioned is we expect still a shutdown of this big customer in the beginning of the fourth quarter we do not know whether they start and come back


and increasing our share repurchases in the second half of '16 and into '17. As I look beyond '16, we are well positioned for growth as these short-term challenges recede and our strong growth drivers continue.

and increasing our share of purchases in the second half of '16 and into '17 as i look beyond '16 we are well positioned for growth as these short-term challenges recede and our strong growth drivers continue


perspective and you look at how sort of key item intensive the business has become and reliant on some of those key selling period promotions to drive key items, how do you see that evolving

perspective and you look at how sort of key item intensive the business has become and reliant on some of those key selling period promotions to drive key items how do you see that evolving


which is optimally located close to the Permian Basin and Eagle Ford Shale. NextDecade is led by an experienced team with a proven track record of successful LNG project development and marketing,

which is optimally located close to the permian basin and eagle ford shale next decade is led by an experienced team with a proven track record of successful lng project development and marketing


As you will see throughout the rest of the call, I think we are already off to a great start. Q1 was a very good quarter financially and also a quarter with exciting events.

as you will see throughout the rest of the call i think we are already off to a great start q1 was a very good quarter financially and also a quarter with exciting events


Net income in 2018 is expected to increase modestly compared with this year, as the benefit of the increase in revenues are expected to be mostly offset by the cost to implement these initiatives and the incremental public company costs

net income in 2018 is expected to increase modestly compared with this year as the benefits of the increase in revenues are expected to be mostly offset by the cost to implement these initiatives and the incremental public company costs


taking a broader picture and longer term horizon, looking at the competitiveness and also the overall profitability of the company, and whether this is something that is sustainable and can be improved over a longer period of time

taking a broader picture and longer-term horizon looking at the competitiveness and also the overall profitability of the company and whether this is something that is sustainable and can be improved over a longer period of time


Before we begin, keep in mind our discussions will contain predictions, expectations and forward-looking statements. Actual results in the future may be materially different than those discussed here.

before we begin keep in mind our discussions will contain predictions expectations and forward-looking statements actual results in the future may be materially different than those discussed here


We currently expect first half commercial revenue to be consistent with our full year growth projection in the range of 18% to 20%. But also anticipate that incremental growth will be heavily concentrated in the second half of this year,

we currently expect first half commercial revenue to be consistent with our full year growth projection in the range of 18% to 20% but also anticipate that incremental growth will be heavily concentrated in the second half of this year


As discussed on our last quarter call, the decline in professional service revenue in the first quarter was due to the lower in-home services related to commercial launch of a product -- a project for one of our larger customers.

as discussed on our last quarter call the decline in professional service revenue in the first quarter was due to the lower in-home services related to commercial launch of a product -- a project for one of our larger customers


In a couple of weeks, I'll be in India for the first time since joining Visa, and I look forward to seeing firsthand the opportunity that we have in meeting with local partners, officials and our teammates in India.

in a couple of weeks i'll be in india for the first time since joining visa and i look forward to seeing firsthand the opportunity that we have in meeting with local partners officials and our teammates in india


Well, I think it's a bit of both of the items that you discussed and also better blocking and tackling. Ken mentioned in his comments improvements in productivity that we are seeing. Americas operating margin

well i think it's a bit of both of the items that you discussed and also better blocking and tackling ken mentioned in his comments improvements in productivity that we are seeing america's operating margin


And in fact, inside the tent here, I don't like us talking a lot about volume. Now I know in your space, you have to do that and will come a time where you can really measure us on that front. But it took me a long time to get that change

in fact inside the tent here i don't like us talking a lot about volume now i know in your space you have to do that and will come a time where you can really measure us on that front but it took me a long time to get that changed


Subscription continues to represent the most significant revenue source for Xunlei and provide us with an opportunity to invest in our growth initiatives.

subscription continues to represent the most significant revenue source for xunlei and provide us with an opportunity to invest in our growth initiatives


This deal came to us as a result of an agreement to divest the business to satisfy regulatory hurdles to Valspar's merger with Sherwin-Williams. We will operate the business as a separate business unit within our Industrial end market.

this deal came to us as a result of an agreement to divest the business to satisfy regulatory hurdles to valspar's merger with sherwin williams we will operate the business as a separate business unit within our industrial end market


The Energy Coal market has rebounded from the lows at the start of 2016, and the direct benefit of the recent increase in prices has been most clearly felt in Indonesia, followed also by the Australian suppliers and miners.

the energy coal market has rebounded from the lows at the start of 2016 and the direct benefit of the recent increase in prices has been most clearly felt in indonesia followed also by the australian suppliers and miners


With the recent award of 5G metro and provincial deployments in Nokia Shanghai Bell and others, the last remaining pocket of the downturn caused by the China government transition looks to soon be behind us.

with the recent award of 5g metro and provincial deployments to nokia shanghai bell and others the last remaining pocket of the downturn caused by the china government transition looks to soon be behind us


The team has done a phenomenal job on this product, and not only is it the first time in Canada that consumers can get their credit score instantly online for free but also with monthly updates to track how they're progressing and inform what drives their score all through an engaging digital experience.

the team has done a phenomenal job on this product and not only is it the first time in canada that consumers can get their credit score instantly online for free but also with monthly updates to track how they're progressing and info on what drives your score all through an engaging digital experience


So as the year progressed, all that we really keep are the ones that are on noncontract basis. And I think internally in many of our businesses, we look at that as a new reset point. These are

so as the year progressed all that we really keep are the ones that are on noncontract basis and i think internally in many of our businesses we look at that as a new reset point these are


That's how I described it externally but your point on the internal benefits is the important point. And as we point this team towards some of our challenges, the results,

that's how i've described it externally but your point on the internal benefits is a really really important point and as we point this team towards some of our challenges the results


I think the first part of that, Paul, is probably easier than the second. I think there is an opportunity for increased penetration in the market. I think that is right. I think the introduction of

i think the first part of that pool is probably easier than the second i think there is an opportunity for increased penetration in the market i think that is right i think the introduction of


with a response. At this point, we'd rather not make any comments about what could happen in the future because, really, we just need to wait for them to conclude their process.

with a response at this point we'd rather not make any comments about what could happen in the future because really we just need to wait for them to conclude their process


We admiringly and respectfully refer to this project as Cubist 2. The project is well underway, and we continue to evaluate all of our strategic options for this remarkable set of important ID assets and capabilities.

we admiringly and respectfully refer to this project as cubist 2 the project is well underway and we continue to evaluate all of our strategic options for this remarkable set of important id assets and capabilities


We have also recently filed a supplemental New Drug Application with the FDA to expand the treatment age for RAPIVAB down to 2 years old, based on the data from an ongoing trial in pediatric patients.

we have also recently filed a supplemental new drug application with the fda to expand the treatment age for rapivab down to 2 years old based on the data from an ongoing trial in pediatric patients


For most of the other companies that we follow, it seems like reserve development is trending downward or being less favorable going forward, and I'm wondering if that's an expectation that you guys are thinking about as well?

it -- for most of the other companies that we follow it seems like reserve development is trending downward or being less favorable going forward and i'm wondering if that's an expectation that you guys are thinking about as well


active investors, including on the institutional side. So maybe you can talk a little bit about the nature of those inflows, the types of clients they represent, what mandates those funds are going into broadly speaking.

active investors including on the institutional side so maybe you can talk a little bit about the nature of those inflows the types of clients they represent what mandates those funds are going into broadly speaking


correct all possible deviation and we evaluate not only looking at the average, but we look at the stores that are performing above average and stores that are not performing that well.

correct all of possible deviations and we evaluate not only looking at the average but we look at the stores that are performing above average and stores that are not performing that well


Advisory suffered in the second quarter from postponed deals. As you know, a very episodic business, performance would smooth out across the year as a number of fee events were pushed from the second into the third quarter.

advisory suffered in the second quarter from postponed deals as you know a very episodic business performance will smooth out across the year as a number of fee events were pushed from the second into the third quarter


in logic foundry. As a result, we are now very well balanced across market segments. We've built a strong portfolio of products that address major technology inflections.

in logic foundry as a result we are now very well balanced across market segments we've built a strong portfolio of products that address major technology inflections


and his leadership has been a great stabilizing force for us, and we're encouraged by the level of recruiting opportunities as we continue to invest in Atlanta. We've scheduled the systems conversion for Charter in February,

and his leadership has been a great stabilizing force for us and we're encouraged by the level of recruiting opportunities as we continue to invest in atlanta we've scheduled the systems conversion for charter in february


We have been working to use our CapEx spend more efficiently. And with a modestly delayed ramping of traffic, there are additional opportunities to push some of that spend out of it until we get visibility of additional traffic demand.

we have been working to use our capex spend more efficiently and with some modestly delayed ramping of traffic there are additional opportunities to push some of that spend out a bit until we get visibility of additional traffic demand


Adjusted EBITDA margin in this business has grown for 6 consecutive quarters, with a quickening trend in the second half of 2017 as pricing actions and cost savings from the closure of the Algoma plant took hold.

adjusted ebitda margin in this business has grown for 6 consecutive quarters with a quickening trend in the second half of 2017 as pricing actions and cost savings from the closure of the algoma plant took hold


So you can see that in terms of the specific amount that would be retained, we're not talking about large transactions. This is nothing that would be comparable

so you can see that in terms of the specific amount that would be retained we're not talking about large transactions this is nothing that would be comparable


So we're seeing less coming from the Gulf -- we believe going from the Gulf up to the harbor and with the draws, we're saying that we should get tighter. I think there was -- I think our bob got pretty tight, we heard,

so we're seeing less coming from the gulf we believe going from the gulf up to the harbors and with the draws we're seeing that we should get tighter i think there was -- i think our bob got pretty tight we heard


combined cycle units with lots of flexibility to batteries that would help us at the top of the stack around regulation and reserves. So we're trying to look at the whole gamut, but that will not play out until we issue the RFPs and

combined cycle units with lots of flexibility to batteries that would help us at the top of the stack around regulation and reserves so we're trying to look at the whole gambit but that will not play out until we issue the rfps and


quite a bit of time. And so what we've said is let's try and be really smart, do some real work to try and figure out what makes the most sense for the long term for the brand as opposed to just pick something which feels good in the moment.

quite a bit of time and so what we've said is let's try and be really smart do some real work to try and figure out what makes the most sense for the long term for a brand as opposed to just pick something which feels good in the moment


I was -- I'm excluding the significant charges that we had in 2017 and whatever we could have in 2018 when I say that. And that excludes the reinvestment or just the additional charges?

i was -- i'm excluding the significant charges that we had in 2017 and whatever we could have in 2018 when i say that and that excludes the reinvestment or just the additional charges


as we refined the calculation of the value of the DTA. While the transaction took longer to close than we initially estimated, we're very pleased with the economics which are slightly more favorable than what we originally announced.

as we refined the calculation of the value of the bta while the transaction took longer to close than we initially estimated we're very pleased with the economics which are slightly more favorable than what we originally announced


Global Services had a 4% increase in revenue, but the gross profit was down as the mix of work in the quarter favored construction services, which is the lowest margin work in that segment.

global services had a 4% increase in revenue but the gross profit was down as the mix of work in the quarter favored construction services which is the lowest margin work in that segment


and, in this case, contract year 1, which ended on February 29. These modifications included changes to certain performance benchmarks specified in the contract.

and in this case contract year 1 which ended on february 29 these modifications included changes to certain performance benchmarks specified in the contract


These large compelling and exciting categories resonate with our customers and support our strategy of adding aspirational home products that our customers can affordably finance.

these large compelling and exciting categories resonate with our customers and support our strategy of adding aspirational home products that our customers can affordably finance


Another reason is that reimbursement rate has changed. For these reasons, we estimated the sales growth is almost modest in China,

another reason is that reimbursement rate has changed for these reasons we estimated the sales growth is almost modest in china


So as I said in the prepared remarks and as you noted, it was really a change in the specifications, which kind of didn't fit exactly what our product was doing.

so as i said in the prepared remarks and as you noted it was really a change in the specifications which kind of didn't fit exactly what our product was doing


The QRT technology in the Barnwell facility continues to improve from a product and process development perspective. The paper machine is being ramped up as sales dictate to ensure good working capital management,

the qrt technology in the barnwell facility continues to improve from a product and process development perspective the paper machine is being ramped up as sales dictate to ensure good working capital management


In terms of the offsetting amounts, I would point out the resets that we had for the business plan. In terms of our business plan where we got an enhanced status for the business plan on the South West Water side,

in terms of the offsetting amounts i would point out the resets that we had for the business plan in terms of our business plan where we got an enhanced status for the business plan on the south west water side


On potential tax reform. We support effective tax policy that promotes growth and investment by corporations and greater financial flexibility for individuals to enable them to save more for retirement.

on potential tax reform we support effective tax policy that promotes growth and investment by corporations and greater financial flexibility for individuals to enable them to save more for retirement


led Molteni's successful transformation into a specialty pharmaceutical company and one that was focused on launching and commercializing innovative pharmaceutical products for the treatment of both pain and addiction.

he led multani's successful transformation into a specialty pharmaceutical company and one that was focused on launching and commercializing innovative pharmaceutical products for the treatment of both pain and addiction


after changes in working capital, and we deduct sustaining capital and interest and financing expenses -- to say it differently, these are the obligatory expenses of this company that over which we cannot exercise discretion,

after changes in working capital and we deduct sustaining capital and interest and financing expenses to say it differently these are the obligatory expenses of this company that -- over which we cannot exercise discretion


The stream of new innovative products, adding new points of distribution and leveraging our stable of iconic brands, is a winning model that continues to reinforce our position as the world leader in tools and storage.

the stream of new innovative products adding new points of distribution and leveraging our stable of iconic brands is a winning model that continues to reinforce our position as the world leader in tools and storage


Air Products contributed total return of minus 80 basis points for the quarter, represents -- again, the numbers I'm giving as a percentage of capital are consolidated for the whole firm. The actual numbers for the private funds are lower

air products contributed a total return of minus 80 basis points for the quarter represents and again the numbers i'm giving as a percentage of capital are consolidated for the whole firm the actual numbers for the private funds are lower


In addition, we saw some improvement from the lower relative negative impact of exchange on operating profit versus net sales due to our hedging program, which delays the timing of the exchange impact on profit.

in addition we saw some improvement from the lower relative negative impact of exchange on operating profit versus net sales due to our hedging program which delays the timing of the exchange impact on profit


We continue to benefit from our aggressive hedging policy and the favorable pricing of our Japanese financings, leaving us with a current interest cost fixed hedge in a small floating piece of roughly 4.4%. In

we continue to benefit from our aggressive hedging policy and the favorable pricing of our japanese financings leaving us with a current interest cost fixed hedged in a small floating piece of roughly 4 4%


so that we can operate in such a way to promote further growth of the company. In terms of our developmental strategies,

so that we can operate in such a way to promote further growth of the company in terms of our developmental strategies


While there has been a modest increase in development activity, supply remains below prior peak levels and net absorption has been healthy, which has broadly enabled the markets to remain at equilibrium.

while there has been a modest increase in development activity supply remains below prior peak levels net absorption has been healthy which has broadly enabled the markets to remain at equilibrium


addressing the problematic areas. So we feel very good about the progress that we've made in terms of the completeness and accuracy of the documentation component of our records.

addressing the problematic areas so we feel very good about the progress that we've made in terms of the completeness and accuracy of the documentation component in our records


We're serving 8 different markets with a broad portfolio of dispensing and sealing solutions across many different geographies. Our level of project dialogue with our customers across each segment

we're serving 8 different markets with a broad portfolio of dispensing and sealing solutions across many different geographies our level of project dialogue with our customers across each segment


to some more normal levels. I think what's hard for us to read is exactly how quickly that happens. We've had a couple of weak quarters and how many more it will be is uncertain.

to some more normal levels i think what's hard for us to read is exactly how quickly that happens we've had a couple of week quarters and how many more it will be is uncertain


why weren't the conversations being held with the customers to see that this was going to come? Because this feels like a really big surprise to most of us, something that maybe could have been a little bit avoided, but maybe not. I just wanted to get your thought on that.

why weren't the conversations being held with customers to see that this was going to come because this feels like a really big surprise to most of us something that maybe could have been a little bit avoided but maybe not i just wanted to get your thought on that


We're now starting to enter a period where we're going to start lapping, and it's going to quickly move from a headwind to a tailwind almost under any normal scenario if you don't believe oil is going to

we're now starting to enter a period where we're going to start lapping and it's going to quickly move from a headwind to a tailwind almost under any normal scenario if you don't believe oil is going to


Can you just talk to kind of how you get to that point? Is it because the company's at a point now where you feel like you're ready to make -- can take on a transaction like that? Does it make a statement about what you think

can you just talk to kind of how you get to that point is it because the company is at a point now where you feel like you're ready to make -- you can take on a transaction like that does it make a statement about what you think


And here, it's clearly an area where we need to intensify our cost-out activities as well as migrating work from high-cost countries into low-cost countries.

and here it's clearly an area where we need to intensify our cost out activities as well as migrating work from high-cost countries into low-cost countries


The underlying trading operating profit margin is expected to improve further in the second half of the year, driven by more favorable commodity prices and further benefits of efficiency programs.

the underlying trading operating profit margin is expected to improve further in the second half of the year driven by more favorable commodity prices and further benefits of efficiency programs


That's the initiatives I just spoke of in my review of Salix. We have not taken price increases in our medical derm portfolio, so almost the entirety of the improvement in net pricing came from reduced rebates on copay assistance cards,

that's the initiatives i just spoke of in my review of salix we have not taken price increases in our medical durum portfolio so almost the entirety of the improvement in net pricing came from reduced rebates on copay assistance cards


do social traffic management. For that, we do it on a monthly basis so as soon as we sell the product in itself, we have recurring revenues of let's say 2 to 3 years. That's why the order book

do social traffic management for that we do it on a monthly basis so as soon as we sell the product in itself we have recurring revenues of let's say 2 to 3 years that's why the order book


You probably can tell also that Optum is in pretty strong position right now and is performing exceptionally well. That was always the time period that we look to, to make these kinds of transitions.

you probably can tell also that optim is in a pretty strong position right now and is performing exceptionally well that was always the time period that we look to to make these kinds of transitions


at the same time. And the final thing was that just as we have created a revenue center around our equity capabilities, our internal equity capabilities,

at the same time and the final thing was that just as we have created a revenue center around our equity capabilities -- our internal equity capabilities


On the TRx demand front, the seasonal effect on new and existing patient demand from insurance plan changes and copayment resets did not have a significant an impact as we had anticipated.

on the trx demand front the seasonal effect on new and existing patient demand from insurance plan changes and co-payment resets did not have as significant an impact as we had anticipated


we feel actually better. And I realize that the guidance and the discussions we had were about '19 through '21. But when you finish '18 ahead of where you thought you were going to finish, we would like to get a little bit of credit for that because what we're trying to get to is

we feel actually better and i realize that the guidance and the discussions we had were about '19 through '21 but when you finish '18 ahead of where you thought you were going to finish we would like to get a little bit of credit for that because what we're trying to get to is


We're seeking new opportunities in the aviation business beyond Singapore and applying our capabilities, as I mentioned, to new ventures outside of aviation like the joint venture with Wilmar in China, for example.

we're seeking new opportunities in the aviation business beyond singapore and applying our capabilities as i mentioned to new ventures outside of aviation like the joint venture with wilmar in china for example


This is Reliance's sweet spot as our decentralized structure allows us to respond to small quick turnaround orders. Demand for our products was in line with our expectations for the quarter,

this is reliance's sweet spot as our decentralized structure allows us to respond to small quick turnaround orders demand for our products was in line with our expectations for the quarter


frankly, weren't really well understood until we got to around about the first quarter of this year and realized that we had to basically redesign these blades.

frankly weren't really well understood until we got to around about the first quarter of this year and realized that we had to basically redesign these blades


the lag between when those price effects actually come into effect can be several months. And therefore, what we expect to see is a little bit of a hit in that in the second quarter and then expect to make that up in the second half of the year.

the lag between when those price effects actually come into effect can be several months and therefore what we expect to see is a little bit of a hit in that in second quarter and then expect to make that up in the second half of the year


As a reminder, we will be making forward-looking statements regarding our financial outlook in addition to regulatory and product development plans and research activities. These statements are subject to risks and uncertainties that may cause actual results to materially differ

as a reminder we will be making forward-looking statements regarding our financial outlook in addition to regulatory and product development plans and research activities these statements are subject to risks and uncertainties that may cause actual results to materially differ


since the announcement of the transaction on March 16. I ask for your understanding that we will not go into details on the merger during today's call.

since the announcement of the transaction on march 16 i ask for your understanding that we will not go into details on the merger during today's call


the trends continue from a sales and revenue management perspective, we should get there in the second half of the year. But I wouldn't say that all the risk is behind us at this point. I'm still disappointed

if the trends continue from a sales and revenue management perspective we should get there in the second half of the year but i wouldn't say that all the risk is behind us at this point i'm still disappointed


who now includes iPass as a perk for their premium customers. Elo is off to a fast start and has already started discussions for expansion to additional cards, reaching wider audiences.

who now includes ipass as a perk for their premium customers ll is off to a fast start and has already started discussions for expansion to additional cards reaching wider audiences


As already discussed earlier, the increase in export to Roche and improvement of cost of sales ratio versus sales due to change in product mix, contributed to this increase.

as already discussed earlier the increase in export to roche and the improvement of cost of sales ratio versus sales due to change in product mix contributed to this increase


and those patients who have an inhibitor and cannot undergo prophylaxis administration may continue to be administered. But the patient access will be impacted greatly.

and those patients who have an inhibitor and cannot undergo prophylaxis administration may continue to be administered but the patient access will be impacted greatly


I'm very proud of what our employees do every day in our communities, volunteering their time and talent to make a difference. It will be this passion and purpose that will serve us well as we navigate through this current interest rate cycle.

i'm very proud of what our employees do every day in our communities volunteering their time and talent to make a difference it will be this passion and purpose that will serve us well as we navigate through this current interest rate cycle


is there, and we're able to capture it. And that, obviously, gives the confidence and the ambition to say this is worthwhile. We know how to do that. We can do this. We -- and the amount of population

is there and we're able to capture it and that obviously gives the confidence and the ambition to say this is worthwhile we know how to do that we can do this and the amount of population


So what's different? A rigorous, disciplined commitment to investing in our business and our people through foundational new initiatives in merchandising and marketing. So let's begin with our efforts in merchandising.

so what's different a rigorous disciplined commitment to investing in our business and our people through foundational new initiatives in merchandising and marketing so let's begin with our efforts in merchandising


Now 2017 finds us with the largest market share the company has ever had, no longer subject to Medicare pricing risk

now 2017 finds us with the largest market share the company has ever had no longer subject to medicare pricing risk


And I would note, both revenue growth and profitability got progressively stronger over the course of the year, clearly demonstrating both acceleration in the business and operating leverage in our business model.

and i would note both revenue growth and profitability got progressively stronger over the course of the year clearly demonstrating both acceleration in the business and operating leverage in our business model


Excess capital for which we do not have attractive reinvestment opportunities should always be considered for return to shareholders. Increasing our current dividend is one such path and reinitiating a share repurchase program is another.

excess capital for which we do not have attractive reinvestment opportunities should always be considered for return to shareholders increasing our current dividend is one such path reinitiating a share repurchase program is another


The majority of second make-line orders are app and web orders but also include third party delivery orders and catering. The surge in mobile sales since relaunching our app late last year gives us confidence that our customers appreciate the great experience.

the majority of second make line orders are app and web orders but also include third-party delivery orders and catering the surge in mobile sales since relaunching our app late last year gives us confidence that our customers appreciate the great experience


I would say, historically, strategic accounts do best in the second half of the year and, in particular, in the fourth quarter. And that was true again in 2017. So this is a little bit consistent

i would say historically strategic accounts do best in the second half of the year and in particular in the fourth quarter and that was true again in 2017 so this is a little bit consistent


So we are at that point. I cannot tell you where those transactions will fall. As somebody pointed out on the phone call, there are large transactions that sometimes get stopped right at the finish line, and it would be almost impossible

so we are at that point i cannot tell you where those transactions will fall as somebody pointed out on the phone call there are large transactions that sometimes get stopped right at the finish line and it would be almost impossible


I will come back to this topic later. Elsewhere, however, as this table shows, the China, Taiwan and export businesses are doing well.

i will come back to this topic later elsewhere however as this table shows the china taiwan and export businesses are doing well


And it took a pretty concentrated effort on the part of the team over several months to really get down to one set of harmonized product specifications. But we're really pleased with how that ultimately came together late last year.

and it took a pretty concentrated effort on the part of a team over several months to really get down to one set of harmonized product specifications but we're really pleased with how that ultimately came together late last year


and he was commenting how excited he is about the launch. He's using the product already, and he's had very good results. So I would just tell you that we remain confident and comfortable with our expectations around

and he was commenting how excited he is about the launch he's using the product already and has had very good results so i would just tell you that we remain confident and comfortable with our expectations around


We anticipate that a significant portion of this adjustment will return in the second quarter, and we also anticipate improvement in our margins based on our new contracts, improved terminal pricing and our current operating strategy that Mike covered.

we anticipate that a significant portion of this adjustment will return in the second quarter and we also anticipate improvement in our margins based on our new contracts improved terminal pricing and our current operating strategy that mike covered


Our reporting this quarter was delayed a few days in order to finalize our results under the new 606 revenue recognition standards. While the numerical changes are relatively minor, the work required was not.

our reporting this quarter was delayed a few days in order to finalize our results under the new 606 revenue recognition standards while the numerical changes are relatively minor the work required was not


Growth may be a little slow in the first quarter, as the CommunityOne teams get back into production mode, but we feel very good about resuming a low double-digit growth rate during the second half of the year if not sooner.

growth may be a little slow in the first quarter as the community one teams get back into production mode but we feel very good about resuming a low double-digit growth rate during the second half of the year if not sooner


as you look out, do you think there has to be something more dramatic for the group to get down to try and restore to what you think are the right profitability levels given that we've seen just a few years now of wages and freight?

as you look out do you think there has to be something more dramatic for the group to get done to try and restore it to what you think are the right profitability levels given that we've seen just a few years now of wages and freight


So that's a really great question. We want the investment community and our shareholders and our consumers to look at Gander Outdoors no differently than they look at a Camping World location.

so that's a really great question we want the investment community and our shareholders and our consumers to look at gander outdoors no differently than they look at a camping world location


none of the participants or vendors in The Work Programme really ever achieved the funding levels that had been previously envisioned due to those decreased caseloads. So the government's now shifted, and they've created a new smaller program called Work and Health

none of the participants or vendors in the work program really ever achieved the funding levels that had been previously envisioned due to those decreased caseloads so the government's now shifted and they've created a new smaller program called work and health


And we continue to see incredible momentum with Financial Services Cloud. In Q1, we had a significant expansion with a Fortune 50 financial services firm that is clearly betting their digital transformation on us and is now one of our largest customers.

and we continue to see incredible momentum with financial services cloud in q1 we had a significant expansion with a fortune 50 financial services firm that is clearly betting their digital transformation on us and is now one of our largest customers


As a result, we expect more stable growth rates in fiscal '17. If we look at our performance by developed and emerging markets, we see a consistent performance with both growing net sales 3% this year.

as a result we expect more stable growth rates in fiscal '17 if we look at our performance by developed and emerging markets we see a consistent performance with both growing net sales 3% this year


is likely to creep to the bottom line and stay there or how much of it would you say that you are putting back in the business or ultimately going to get more competitive with.

is likely to accrete to the bottom line and stay there or how much of it would you say that you are putting back in the business or ultimately going to get more competitive with


The targets for apomorphine are overlapping with APTIOM customers, so we don't anticipate significant increases in spending.

the targets for apomorphine are overlapping with aptium customers so we don't anticipate significant increases in spending


Compared to the fourth quarter of 2016, margin expanded 21 basis points. Approximately 10 basis points of this expansion was driven by the benefit that our free funds provide in a rising rate environment.

compared to the fourth quarter of 2016 margin expanded 21 basis points approximately 10 basis points of this expansion was driven by the benefit that our free funds provide in a rising rate environment


and the public comment, if they stick to the schedule, will conclude actually shortly here within the next 2 or 3 weeks. And then they'll go into the final phase before they issue the permit.

and the public comment if they stick to the schedule will conclude actually shortly here within the next 2 or 3 weeks and then they'll go into the final phase before they issue the permit


fairly significant amount of internal machining down in Mexico that we were anticipating to outsource originally. So that, again, is a little more complex but is all the right stuff to do long term.

fairly significant amount of internal machining down in mexico that we were anticipating to outsource originally so that again is a little more complex but is all the right stuff to do long term


We're working hard to build something great for first responders. With the introduction of the FirstNet core, first responders finally have the network that they have been asking for and that they deserve.

we're working hard to build something great for first responders with the introduction of the firstnet core first responders finally have the network that they have been asking for and that they deserve


with thousands of symptomatic patients at high risk for sepsis. As we gain critical mass, we recognize that tracking closed contracts alone does not provide the full and accurate picture of our current captive opportunity

with thousands of symptomatic patients at high risk for sepsis as we gain critical mass we recognize that tracking closed contracts alone does not provide the full and accurate picture of our current captive opportunity


is not necessarily overly expensive, but it's not cheap to build that out. So during this period of time, we are aggressively pursuing opportunities

is not necessarily overly expensive but it's not cheap to build that out so during this period of time we are aggressively pursuing opportunities


as a result of various important factors including, but not limited to, those discussed in our Annual Report on Form 10-K which was filed on February 17, 2015, as well as other filings we make with the Securities and Exchange Commission.

as a result of various important factors including but not limited to those discussed in our annual report on form 10-k which was filed on february 17 2015 as well as other filings we make with the securities and exchange commission


As we have said before, we will not experience significant reduction in COGS and operating expenses from the integrations until they are in full swing by midyear. With our volume and COGS on their current trajectories and positive signs to the upside for reimbursement,

as we have said before we will not experience significant reduction in cogs and operating expenses from the integrations until they are in full swing by midyear with our volume and cogs on their current trajectories and positive signs of the upside for reimbursement


assumptions and uncertainties which may be outside the company's control and our actual results and financial condition may differ materially from what is indicated in these forward-looking statements. It is important to note that any forward-looking statements made on this call

assumptions and uncertainties which may be outside the company's control and our actual results and financial condition may differ materially from what is indicated in these forward-looking statements it is important to note that any forward-looking statements made on this call


of lower profit share revenue than we received last Q4. Third, our fourth quarter and full year performance is expected to drive higher incentive compensation expenses in the fourth quarter than last year's fourth quarter.

of lower profit share revenue than we received last q4 third our fourth quarter and full year performance is expected to drive higher incentive compensation expenses in the fourth quarter than last year's fourth quarter


Finally, I would also like to point out that the impact on premiums written from the smaller market size should be partially offset by any future premium rate increases in response to the higher capital requirements as previously discussed.

finally i'd also like to point out that the impact on premium is written from the smaller market size should be partially offset by any future premium rate increases in response to the higher capital requirements as previously discussed


We also took substantive actions on our simplify and streamline initiative. During Q1, we increased focus on our Rest of the World segment and exited our shopping businesses in Japan and Brazil, 2 of our top 10 countries.

we also took substantive actions on our simplify and streamline initiative during q1 we increased focus on our rest of the world segment and exited our shopping businesses in japan and brazil 2 of our top 10 countries


There is a keen interest in the Envisia classifier among pulmonology specialists because of its ability to provide meaningful answers for this devastating disease to guide next steps.

there is a keen interest in the ambizia classifier among pulmonology specialists because of its ability to provide meaningful answers for this devastating disease to guide next steps


have talked about 5 to 6 major points in relation to our future development. And these are his conclusions after looking into the Chinese market.

have talked about 5 to 6 major points in relation to our future development and these are his conclusions after looking into the chinese market


Of critical importance within the acquisition playbook is the attention to detail relating to operational and cultural aspects of activities that are essential in the integration planning and execution phases.

of critical importance within the acquisition playbook is the attention to detail relating to operational and cultural aspects of activities that are essential in the integration planning and execution phases


expansions of some in-situ projects. Just want to get a sense if your conversations with those producers have picked up and become more favorable over the last couple of months in terms of new volumes for your system?

expansions of some in situ projects just want to get a sense if your conversations with those producers has picked up and become more favorable over the last couple of months in terms of new volumes for your system


We believe that the allegations in the class-action complaints are without merit and we intend to defend the lawsuit vigorously. However, there can be no assurance regarding the ultimate outcome of these lawsuits.

we believe that the allegations in the class action complaints are without merit and we intend to defend the lawsuits vigorously however there can be no assurance regarding the ultimate outcome of these lawsuits


These initial wells should be on production in early 2018 and will demonstrate the productivity of this area as well as help determine the most efficient sizing of our midstream facilities for future full development.

these initial wells should be on production in early 2018 and will demonstrate the productivity of this area as well as help determine the most efficient sizing of our midstream facilities for future full development


Is this something -- is this the dynamic as we try and model out through '19 and pass them in, does this have legs or is 35 kind of a sort of new number that we should think about as being sort of steady state?

is this something is this a dynamic as we try and model out through '19 and past i mean does this have legs or is 35 kind of a sort of new number that we should think about as being sort of steady state


lower interest expense and a lower tax rate all contributed to the outperformance against our prior guidance for the third quarter. Turning to a review of the income statement.

lower interest expense and a lower tax rate all contributed to the outperformance against our prior guidance for the third quarter turning to a review of the income statement


And then my other question was just kind of, as I was going across the industry, just observing online enrollments, and for the most parts, your peers have had

and then my other question was just kind of as i was going across the industry just observing online enrollments and for the most part your peers have had


Our goal is to climb back to 6% to 7% EBIT margin as we continue to manage through weak and uncertain market conditions and transform the Canadian business for sustainable profitability in the long term.

our goal is to climb back to 6% to 7% ebit margin as we continue to manage through weak and uncertain market conditions and transform the canadian business for sustainable profitability in the long term


You would really start to see kind of a reversal or a benefit of what has been a drag on cash flow over time. Is that still a good number? Or are there any changes if kind of your efficiencies and costs are coming down?

you would really start to see kind of a reversal or a benefit of what has been a drag on cash flow over time is that still a good number or are there any changes as kind of your efficiencies and costs are coming down


Thank you, Ellen, and good morning. I'll start on Slide 4, which summarizes the progress we've made during the second quarter on our key strategic, financial and operational objectives.

thank you ellen and good morning i'll start on slide 4 which summarizes the progress we've made during the second quarter on our key strategic financial and operational objectives


that will contribute to strong margins as we move forward and get a little organic growth behind us. And it does appear, although difficult to predict with any certainty, that growth is stabilizing at current levels.

that will contribute strong margins as we move forward and get a little organic growth behind us and it does appear although difficult to predict with any certainty that growth is stabilizing at current levels


Our focus on cost enables us to expand margins, while continuing to fuel growth. In that spirit, let me take you through 2 exciting opportunities that will be important drivers going forward.

our focus on cost enables us to expand margins while continuing to fuel growth in that spirit let me take you through 2 exciting opportunities that will be important drivers going forward


areas. AOA's underlying trading operating profit margin remained strong and highly accretive to the group. The decrease of 20 basis points was due to the phasing of certain cost items.

aes underlying trading operating profit margin remains strong and highly accretive to the group the decrease of 20 basis points was due to the phasing of certain cost items


on top of the conventional credit cards, on July 4, we started to accept Apple Pay on our prepaid cards. We will continue to work to improve convenience for customers going forward.

on top of the conventional credit cards on july 4 we started to accept apple pay on our prepaid cards we will continue to work to improve the convenience for our customers going forward


And that rent is going to be commencing over the next 6 to 8 quarters. And it is a clear driver of what we see our NOI growth to be for this year and next year.

and that rent is going to be commencing over the next 6 to 8 quarters and it is a clear driver of what we see our noi growth to be for this year and next year


if I look now, on one side, at the potential outflows, but I also look at our pipeline and purely statistically at the number of RMs that we've been able to recruit and we'll continue to recruit this year,

if i look now on one side at the potential outflows but i also look at our pipeline and purely statistically at the number of rm that we've been able to recruit and will continue to recruit this year


Most importantly, we have to keep focusing on our clients, carry forward the financial disciplines initiated in 2016, and continue to work collaboratively as we build and improve our go-to-market strategies.

most important we have to keep focusing on our clients carry forward the financial disciplines initiated in 2016 and continue to work collaboratively as we build and improve our go-to-market strategies


Yes, Sanjay, so first of all, on the ABS market. The market is open and functioning very well since the start of the new year. There have been a number of transactions that have

yes sanjay so first of all in the abs market the market is open and functioning very well since the start of the new year there have been a number of transactions that have


They're based on management's expectation and involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statement.

they're based on management's expectation and involve a number of business risks and uncertainties any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statement


Excellent. And can you talk about the Europe opportunity a little? I understand there are some regulations over there and that you guys might be able to take advantage of that. Can you maybe elaborate a little bit about what this new machine is?

excellent and can you talk about the europe opportunity a little i understand there's some regulations over there and that you guys might be able to take advantage of that can you maybe elaborate a little bit about what this new machine is


While the actual level and mix of our deployment is difficult to predict in any given quarter, Carlyle's diverse platform has the ability to source interesting opportunities across sector, strategy and region,

while the actual level and mix of our deployment is difficult to predict in any given quarter carlyle's diverse platform has the ability to source interesting opportunities across sector strategy and region


and we are growing in these KPIs. And what will be generated through the enhancement of these 3 KPIs, it is written on the top half,

and we are growing in these kpis and what will be generated through the enhancement of these 3 kpis it is written on the top half


a kind of a negative hit that we would have been then saying we would expect to come back to us over the future quarters. Based upon this new methodology, though, this is the way we're reporting it,

a kind of a negative hit that we would have been then saying we would expect to come back to us over the future quarters based upon this new methodology though this is the way we're reporting it


we're very pleased with the sales performance. We've been transitioning a number of tenants, as I said, we bought a neighboring property and then, we're really trying to maximize the use in the center, the nature of the uses, and have been elevating the overall

we're very pleased with the sales performance we've been transitioning a number of tenants as i said we bought a neighboring property and then we're really trying to maximize the use in the center the nature of the uses and have been elevating the overall


To your specific question about epic deals, I think what you highlighted is exactly what we're testing and trying. So you got a combination of percent-off deals, you got a combination of highlighting

to your specific question about epic deals i think what you highlighted is exactly what we're testing and trying so you've got a combination of percent off deals you've got a combination of highlighting


And launching in May, it will be focused on the power of our program and will celebrate food, family, health and fun, inspiring families and their friends around the world to be healthier.

and launching in may it will be focused on the power of our program and will celebrate food family health and fun inspiring families and their friends around the world to be healthier


we believe it's acquisitions like this that will allow us to continue to maintain the margin profile that we're talking about while continuing to grow the business. So it's added capabilities that are going to give us opportunities to quote larger pools of business.

we believe it's acquisitions like this that will allow us to continue to maintain the margin profile that we're talking about while continuing to grow the business so it's added capabilities that are going to give us opportunities to quote in larger pools of business


Or as you said earlier, it will be more and more difficult to launch new products, and so it's more about rejuvenating existing products. Second question, you haven't talked about noodles.

or as you said earlier it will be more and more difficult to launch new products and so it's more about rejuvenating existing products second question you haven't talked about noodles


that the company should retain its vitality. So it's very important to vitalize our workforce, our organization. That is why this is my second core mission.

that the company should retain its vitality so it's very important to vitalize our workforce our organization that is why this is my second core mission


We believe this is due to our highly targeted digital strategy and exposure to the Qsymia efficacy message on the brand website when patients are the most motivated to start a weight loss effort.

we believe this is due to our highly targeted digital strategy and exposure of the qsymia efficacy message on the brand website when patients are the most motivated to start a weight loss effort


Our programs have worked for millions of people and the daily testimonials we receive from our customers are one of the many driving forces behind our desire to bring proven results to the millions more that are searching for weight loss solutions that work.

our programs have worked for millions of people and the daily testimonials we receive from our customers are one of the many driving forces behind our desire to bring proven results to the millions more that are searching for weight loss solutions that work


some of our competitors that aren't having quite the success we are, get aggressive on price. The good news is most enterprises are not making a decision based on price. When it comes to contact center infrastructure,

some of our competitors that aren't having quite the success we are get aggressive on price the good news is most enterprises are not making a decision based on price when it comes to contact center infrastructure


I think it's important to appreciate, and we talked about infrastructure 2 years ago, and it was very important to us that we have a level of infrastructure that would support a faster growth rate.

i think it's important to appreciate and we talked about infrastructure 2 years ago and that it was very important to us that we have a level of infrastructure that would support a faster growth rate


now as we seek to enroll patients to really be able to see if we can extend what will be considered normal or push them into a more normal range of development. So it's a really exciting time for us to actually be able to consider

and now as we seek to enroll some of your patients to really be able to see if we can extend what will be considered normal or push them into a more normal range of development so it's a really exciting time for us to actually be able to consider


Similar to prior years, we expect Distribution first quarter margins to be lower relative to subsequent quarters, in part, due to the timing of certain employee-related expense accruals that largely reverse later in the year.

similar to prior years we expect distribution first quarter margins to be lower relative to subsequent quarters in part due to the timing of certain employee-related expense accruals that largely reverse later in the year


represents our highest quarterly performance since the third quarter of 2008. This is a direct result of our continuing commitment to innovate across our product portfolio

represents our highest quarterly performance since the third quarter of 2008 this is a direct result of our continuing commitment to innovate across our product portfolio


and bring that show to a new city to freshen that experience. I think that was also partially a case with the Interbike show being in Vegas for a long period of time, and it feels like they're ready for a freshened experience. So

and bring that show to a new city to freshen that experience i think that was also partially a case with the innerbikes show being in vegas for a long period of time and it feels like they're ready for a freshened experience so


product development as really being the vehicle to take us forward. Possible exception to what I just said is maybe looking more globally. Is that work does tend to be done differently

internal product development is really being the vehicle to take us forward possible exception to what i just said is maybe looking more globally is that work does tend to be done differently


The underlying relationships that have developed between the teams is very strong and evident to everyone involved in this process, which is a testament to the commitment both companies have toward our common objectives.

the underlying relationships that have developed between the teams is very strong and evident to everyone involved in this process which is a testament to the commitment both companies have toward our common objectives


The growth trends in distance learning since our soft launch in March 2018 are very positive, and we're certain that this trend will continue based on our ability to deliver high-quality academic programs and experience to our students.

the growth trends in distance learning since our soft launch in march 2018 are very positive and we're certain that this trend will continue based on our ability to deliver high-quality academic programs and experience to our students


Given this overarching goal, the company adopted new mission and vision statements during the third quarter. 2.0's mission, which is a statement of our purpose, is to help small businesses achieve their American dream.

given this overarching goal the company adopted new mission and vision statements during the third quarter 2 0's mission which is a statement of our purpose is to help small businesses achieve their american dream


and second, the current year treatment of the favorable tax impacts relating to stock option exercises with our tax provision, as further discussed in the footnotes to our previously filed financial statements.

and second the current year treatment of the favorable tax impacts relating to stock option exercises within our tax provision as further discussed in the footnotes to our previously filed financial statements


So with retail disruption, that control of distribution system becomes even more important. But I want to tell you something. If we believe -- if we believe, and we haven't come to that conclusion at all,

so with retail disruption that control of distribution system becomes even more important but i want to tell you something if we believe -- if we believe and we haven't come to that conclusion at all


Once we better understand the impacts of our go-forward services strategy, we'll have clearer insight into 2018 revenue trends and will communicate that detail with you as soon as possible in the coming months.

once we better understand the impacts of our go-forward services strategy we'll have clearer insight into 2018 revenue trends and we'll communicate that detail with you as soon as possible in the coming months


While the market is very competitive, we are seeing opportunities in both small and middle-market credits due to our knowledge of the market, our nimbleness and our reputation providing certainty of execution.

while the market is very competitive we are seeing opportunities in both small and middle market credits due to our knowledge of the market our nimbleness and our reputation providing certainty of execution


The most significant feature in our deposit mix is that our commercial deposit structure has allowed us to maintain an average of 33% of deposits in noninterest-bearing accounts.

the most significant feature in our deposit mix is that our commercial deposit structure has allowed us to maintain an average of 33% of deposits in non-interest-bearing accounts


All right. As I mentioned at my opening, I want to give you some color and some detail around the puts and takes of the quarter because I know there was a lot out there, and I think it's important to be able to link back to our guidance. So we had guided

all right as i mentioned at my opening i want to give you some color and some detail around the puts and takes of the quarter because i know there was a lot out there and i think it's important to be able to link back to our guidance so we had guided


trying to be much, much more clean relative to the environment, all of these have ratcheted up very, very positive discussions with quite a few of the OEMs that we interface with.

trying to be much much more clean relative to the environment all of these have ratcheted up very very positive discussions with quite a few of the oems that we interface with


we may offer to our clients. So the pricing environment is very challenging, but I think it's up to us as a company to come forward with the

we may offer to our clients so the pricing environment is very challenging but i think it is up to us as a company to come forward with the


Pricing was a little stronger than historic norms, notably as mentioned in the Industrial Control segment and combined with procurement savings more than offset the increase in material labor and overheads inflation.

pricing was a little stronger than historic norms notably as mentioned in the industrial control segment and combined with procurement savings more than offset the increase in material labor and overheads inflation


And then obviously, it's a good marketing tool and hopefully will help with devaluation of the stock. But would you say that at the margin this move reflects an increased confidence you have in your ability to realize gains from your portfolio companies?

and then obviously this is a good marketing tool and hopefully will help with the valuation of the stock but would you say that at the margin this move reflects any increased confidence you have in your ability to realize gains from your portfolio companies


says something about the belief of those who are closest to Ocular. We still have a few key hires to go in our technical operations and quality areas before we can truly have confidence that we are fit for the future. We expect to be making those appointments in the very near future.

there's something about the belief of those who are closest to ocular we still have a few q hires to go in our technical operations and quality areas before we can truly have confidence that we are fit for the future we expect to be making those appointments in the very near future


We believe that we are in front of much more attentive market, and that we are the only company that can serve the massive challenges companies face in managing and protecting the unstructured data and file systems.

we believe that we are in front of much more attentive market and that we are the only company that can solve the massive challenges companies face in managing and protecting the unstructured data and file systems


that those manufacturers have independently tested our batteries and that they are fully compatible with those vehicles and meets all of the interface needs as well as confirms competitive positioning.


at an effective price has been the cornerstone of our value proposition for clients and has clearly resonated. The disciplined investments we are making in infrastructure, both systems and personnel,

at an effective price has been the cornerstone of our value proposition for clients and has clearly resonated the disciplined investments we are making in infrastructure both systems and personnel


I'd say we're probably looking in a similar type number on mature products. But I think one of the things that I would just mention is, is that ASPs overall with the new products in the mix that are coming

i'd say we're probably looking at a similar type number on mature products but i think one of the things that i would just mention is is that asps overall with the new products and the mix that are coming


These agreements follow an earlier contract, we announced in September of a binding heads of terms agreement with AREVA Inc., which will form the basis of the joint venture operating agreement.

these agreements follow an earlier contract we announced in september of a binding heads of terms agreement with areva inc which will form the basis of the joint venture operating agreement


Thank you, Ivan, and good morning, everyone. We have delivered another strong set of results, demonstrating continuing progress against the measures we track to deliver efficient growth and value creation.

thank you ivan and good morning everyone we have delivered another strong set of results demonstrating continuing progress against the measures we track to deliver efficient growth and value creation


As mentioned, we initiated the randomized portion of the trial based on attractive safety -- an attractive safety profile and with encouraging clinical activity observed in the safety lead-in, and recruitment is well underway.

as mentioned we initiated the randomized portion of the trial based on attractive safety -- an attractive safety profile and with encouraging clinical activity observed in the safety lead-in and recruitment is well underway


Turning to Slide 10, actuals compared to guidance. Production was in line with the midpoint of guidance despite proactively shutting in production in Appalachia due to low regional natural gas prices.

turning to slide 10 actuals compared to guidance production was in line with the midpoint of guidance despite proactively shutting in production in appalachian due to low regional natural gas prices


for the global standard. These customers prioritize speed of service, in times of both time to quote a new order and the order to ship cycle as well as competitive pricing.

for the global standard these customers prioritize speed of service in times of both time to quote a new order and the order-to-ship cycle as well as competitive pricing


just to clarify on that, so is that anything that would be accretive and in the energy infrastructure bucket? Or would you look to leverage some sort of operational synergies from those assets, just given your other existing assets?

just to clarify on that so is that anything that would be accretive and in the energy infrastructure bucket or would you look to leverage some sort of operational synergies from those assets just given your other existing assets


in the third quarter of 2018, and we know significant challenges await. However, we have never been better operationally or technology positioned to help our clients to maintain and expand their existing production base.

in the third quarter of 2018 and we know significant challenges await however we have never been better operationally or technologically positioned to help our clients to maintain and expand their existing production base


Finally, our strong balance sheet gives us tremendous flexibility. Taken together, Riviera is set up for an exciting year in 2019. I will now turn the call over to Dan to discuss the upstream operations in more detail.

finally our strong balance sheet gives us tremendous flexibility taken together riviera is set up for an exciting year in 2019 i will now turn the call over to dan to discuss the upstream operations in more detail


Yes. Phil, thanks. So we are not going to comment on pricing of our customers product in the market and whether that's stabilizing or not. We think it's their place to answer that part of the question.

yes phil thanks so we're not going to comment on pricing of our customers' product in the market and whether that's stabilizing or not we think it's their place to answer that part of the question


These projects are progressing on schedule, and we expect to begin realizing benefits from improved efficiency and lower costs as we move through the back half of fiscal year 2019 and into the first half of next year.

these projects are progressing on schedule and we expect to begin realizing benefits from improved efficiency and lower costs as we move through the back half of fiscal year 2019 and into the first half of next year


and I keep using the word repeatable, that we can make it happen over and over again for us. And that we have the ability to know what's coming, and that our consumer then knows what's coming, and all that timing begins to align. And I think that's what'll make us a better organization.

and i keep using the word repeatable that we can make it happen over and over again for us and that we have the ability to know what's coming and that our consumer then knows what's coming and all that timing begins to align and i think that's what will make us a better organization


We expect that this clear and consistent selling approach, coupled with our stronger merchandise strategy across good, better and best product options, will be instrumental in driving higher in-store conversion.

we expect that this clear and consistent selling approach coupled with our stronger merchandise strategy across good better and best product options will be instrumental in driving higher in-store conversion


The changes we are making will help us adapt to meet the challenges and opportunities of a changing world, and we're confident that we will deliver on the targets we have set out in our 2020 plan.

the changes we are making will help us adapt to meet the challenges and opportunities of a changing world and we're confident that we will deliver on the targets we have set out in our 2020 plan


In August, we told you that we were convinced that our shares were a bargain in light of our strong belief in our future, the quality of our stations and employees, our much stronger balance sheet and our lower cost of capital.

in august we told you that we were convinced that our shares were a bargain in light of our strong belief in our future the quality of our stations and employees our much stronger balance sheet and our lower cost of capital


to be based around the customer. So we'll be organizing the business into based on the farm and based on commercial. And many of you will heard us talk about that theme in the past, and this is a

to be based around the customer so we'll be organizing the business into -- based on farm and based on commercial and many of you will heard us talk about that theme in the past and this is a


hybrid has been very, I would say, not quick at all and not slow, but it has begun to trickle into the marine markets. And you can have diesel electric and you can have pure hybrid.

hybrid has been very i would say not quick at all and not slow but it has begun to trickle into the marine market and you can have diesel electric and you can have pure hybrid


We have several other games slated for release over the next year. In fact, next week, we will be announcing our second game under development with Ready at Dawn. As a reminder, as the publisher,

we have several other games slated for release over the next year in fact next week we will be announcing our second game under development with ruddy at dawn as a reminder as the publisher


We have a great team in place, and I have confidence in our strategy to drive long-term shareholder value. With that, I'll turn it back over to Eric for questions. Eric? Thanks, Neal. Chelsea, may we have the first question, please?

we have a great team in place and i have confidence in our strategy to drive long-term shareholder value with that i'll turn it back over to eric for questions eric thanks neil chelsea may we have the first question please


These positive trends were offset by unfavorable market conditions, including the significantly down markets during the fourth quarter and ongoing fee compression, which impacted our servicing fee revenues.

these positive trends were offset by unfavorable market conditions including the significantly down markets during the fourth quarter and ongoing fee compression which impacted our servicing fee revenues


adjusted earnings that you have in your headline results. Are you moving towards a new adjusted presentational number of a ex timing number that us analysts should now start thinking about or will you still be reporting

adjusted earnings that you have in your headline results are you moving towards a new adjusted presentational number of a xtiming number that us analysts should now start thinking about or will you still be reporting


so that we may see if there is a big difference still between the net prices between China and Europe? And where do you believe that prices will stabilize after the Chinese New Year?

so that we may see if there is a big difference still between the net prices between china and europe and where do you believe that prices will stabilize after the chinese new year


but that is mainly due to the manufacturing expense in the first half of 2017 being a high comparator while we were manufacturing both Carticel and MACI as well as the initial MACI manufacturing learning curve.

but that is mainly due to the manufacturing expense in the first half of 2017 being a high comparator while we were manufacturing both carticel and maci as well as the initial maci manufacturing learning curve


In summary, we believe that our top line momentum coupled with our operating leverage have positioned us for a solid finish to the fiscal year. We look forward to reporting another full year of revenue growth, higher operating income

in summary we believe that our top line momentum coupled with our operating leverage have positioned us for a solid finish to the fiscal year we look forward to reporting another full year of revenue growth higher operating income


Additionally, a special committee of the board and its independent adviser are continuing to work through the assessment of Speedway and expect to complete this review and recommendation by the end of the third quarter.

additionally a special committee of the board and its independent adviser are continuing to work through the assessment of speedway and expect to complete this review and recommendation by the end of the third quarter


As we've heard from Venkat and my colleagues, we continue to make progress on our strategic objectives and have delivered a strong performance that is reflected both in our financial and operating metrics.

as we've heard from ben katz and my colleagues we continue to make progress on our strategic objectives and have delivered a strong performance that is reflected both in our financial and operating metrics


we continue to make changes to the experience of our users pretty much on a weekly basis. They're sometimes not easily noticeable, but they're always happening. So there isn't sort of going to be one period where we revamp

we continue to make changes to the experience for users pretty much on a weekly basis they're sometimes not easily noticeable but they're always happening so there isn't sort of going to be one period where we revamp


We remain committed to treating every dollar of shareholder money with the utmost care and consideration. It is much easier for us to grow NAV when the expense hurdle rate is where it is today.

we remain committed to treating every dollar of shareholder money with the utmost care and consideration it is much easier for us to grow nav when the expense hurdle rate is where it is today


In Marsh, we launched Bluestream, a digital brokering platform initially focused on affinity and sharing economy businesses. Bluestream has the potential to be leveraged more broadly

in marsh we launched bluestream a digital brokering platform initially focused on affinity and sharing economy businesses bluestream has the potential to be leveraged more broadly


As always, the full financial statements and long form management discussion and analysis are available on our website and at the SGX website. I recommend that you read them in conjunction with this presentation.

as always the full financial statements and long form management discussion and analysis are available on our website and at the sgx website i recommend that you read them in conjunction with this presentation


Although, we have good relationships with the vast majority of our ex-employees, it is possible and perhaps even anticipated, that other baseless lawsuits might be filed by the same or different attorney in what will be of futile attempt to pressure us.

although we have good relationships with the vast majority of our ex-employees it is possible and perhaps even anticipated that other baseless lawsuits might be filed by the same or different attorney in what will be a futile attempt to pressure us


that we can enhance their ability to provide a quality education. And obviously, with the anticipation, we hope to be able to provide growth opportunities for them as well, especially on the online delivery format.

that we can enhance their ability to provide a quality education and obviously with the anticipation we hope to be able to provide growth opportunities for them as well especially in the online delivery format


A of strategic and financial combination. So 30% of the market cap, the total market cap, was actually taken out while it doubled. So I think -- and that was a healthy way for the best companies

of strategic and financial combinations so 30% of the market cap the total market cap was actually taken out while it doubled so i think -- and that was a healthy way for the best companies


And these are some examples of things that we are working on to be ready already for Black Friday and the Christmas trade, which is our most important commercial sales period of the year.

and these are some examples of things that we are working on to be ready -- already for black friday and the christmas trade which is our most important commercial sales period of the year


too big financial risk in kind of making it possible for us to address a segment where we already have all the needed kind of access points.


patients will not be required to come to a clinic or a hospital to do that. Each subject will participate for a total of 3 angioedema attacks with blinded trial therapy delivered in a randomized sequence.

patients will not be required to come to a clinic or hospital to do that each subject will participate for a total of 3 angi edema attacks with blinded trial therapy delivered in a randomized sequence


As always, rigorous cost control throughout the organization is part of our DNA. This has been a key focus area for several years as this is one of the main reason why and how we remain competitive.

as always rigorous cost control throughout the organization is part of our dna this has been a key focus area for several years as this is one of the main reason why and how we remain competitive


So we're not going into the typical early birds, that we need at least -- when it comes to medtech devices, we need at least prototypes that we can test in our clinics.

so we're not going into the typical early birds that we need at least when it comes to medtech devices we need at least prototypes that we can test in our clinics


Banning as well. And as I said earlier, the big news is down at Pacific Highlands Ranch we're moving into our more Westerly planning areas, and we're going to have 5 new product offerings coming later this year.

spanning as well and as i said earlier the big news is down at pacific highlands ranch we're moving into our more westerly planning areas and we're going to have 5 new product offerings coming later this year


There are no red flags, but we wish to make sure that we are in complete alignment with the agency on this pivotal study.

there are no red flags but we wish to make sure that we are in complete alignment with the agency on this pivotal study


which has resulted in what could potentially -- which was previously a 10- to 15-hour tuning project to get these things back in the field has reduced that time down to less than an hour.


We also had the opportunity to meet with several research analysts at the conference. And as a result of our growing interest from the investment community, we have received many compliments on our positioning and progress.

we also had the opportunity to meet with several research analysts at the conference and as a result of our growing interest from the investment community we have received many compliments on our positioning and progress


to see significant improvement in the back half of the year. And Bearings, as we all know, historically, has been our most profitable product line. So that has a disproportionate impact as we go through the year

to see significant improvement in the back half of the year and bearings as we all know historically has been our most profitable product line so that has a disproportionate impact as we go through the year


impact on overall demand for Cornerstone. The third is we did miss a product cycle as related to learning, particularly what people are calling learning experience.

impact on overall demand for cornerstone the third is we did miss a product cycle as related to learning particularly what people are calling learning experience


With that, I'd like to turn it over to Brian to discuss our 2017 fourth quarter and full year financial performance as well as our 2018 outlook in more detail.

with that i'd like to turn it over to bryan to discuss our 2017 fourth quarter and full year financial performance as well as our 2018 outlook in more detail


This performance continues to demonstrate our ability to attract, retain and deepen our relationships with our clients. As we move to the income statement, we saw growth in both our net interest income and our noninterest income.

this performance continues to demonstrate our ability to attract retain and deepen our relationships with our clients as we move to the income statement we saw growth in both our net interest income and our noninterest income


That's actually very helpful. And Ken, we keep hearing great things about your products from the channel. And I feel like everybody likes to focus on some of the other very large public companies in network security.

that's actually very helpful and ken we keep hearing great things about your products from the channel and i feel like everybody likes to focus on some of the other very large public companies in network security


As in the first quarter, Lakeland's strategic imperatives, directed at improving our global presence and competitiveness while executing with operational effectiveness, are being executed upon with continued success.

as in the first quarter lakeland's strategic imperatives directed at improving our global presence and competitiveness while executing with operational effectiveness are being executed upon with continued success


It has been a true pleasure over the past 2 years working with our talented team, gaining a deep understanding of the tobacco industry as well as directly contributing to the success of our strong businesses and powerful brands.

it has been a true pleasure over the past 2 years working with our talented team gaining a deep understanding of the tobacco industry as well as directly contributing to the success of our strong businesses and powerful brands


The following presentation and the earnings release issued last week are also available for download on the company website. After management's remarks, there will be a question-and-answer session for analysts and investors.

the following presentation and the earnings release issued last week are also available for download on the company website after management's remarks there will be a question-and-answer session for analysts and investors


how do you think about the mile posts that you're measuring yourself against in terms of making sure that the investments you're making are driving the revenue growth that you want, that the acquisitions are hitting the return hurdles. Just think through the process as you evaluate

how do you think about the mileposts that you're measuring yourself against in terms of making sure that the investments you're making are driving the revenue growth that you want that the acquisitions are hitting the return hurdles just think through the process as you evaluate that


This minimizes the need for our customers to deploy switch resources and build out their own network. This is just one example of the way we are innovating our product set to increase the minutes of use

this minimizes the need for our customers to deploy switch resources and build out their own network this is just one example of the way we are innovating our product set to increase the minutes of use


for health information system is very strong. So just slowed down a little bit in terms of execution and deployment of those softwares into the hospitals, but the pipeline is very, very strong.

for health information system is very strong so just slow down a little bit in terms of execution and deployment of those softwares into the hospitals but the pipeline is very very strong


test to what extent customers who are more price-sensitive and more susceptible to switch carriers based on price to fight for those customers

test to what extent customers who are more price sensitive and more susceptible to switch carriers based on price to fight for those customers